Euro reaches session highs on Hollande announcement
The euro hit session highs against the dollar and the pound after France's President Francois Hollande announced he will not run for a second term in next year's election.
As Hollande declared his decision on national television, the euro hit a daily high of 1.0661 against the dollar. The euro rose 0.46% compared to the greenback to go for 1.0646 at 9:14 p.m. CET. Sterling slowed gains from earlier in the session against the euro, edging up 0.09% to sell for 1.1815 at 9:17 p.m. CET. The euro increased 0.20% against the yen to sell for 121.491 at 9:22 p.m. CET.
Meanwhile, the pound continued to trade in positive territory compared to the U.S. dollar after the United Kingdom Brexit Secretary David Davis said that the country may pay contributions to the European Union following its departure from the bloc in order to ensure Britain gets access to the single market. Sterling gained 0.54% against the greenback to change hands for 1.2576 at 9:21 p.m. CET.